Group 1 - The core viewpoint of the article highlights the strong performance of technology stocks in both A-shares and Hong Kong stocks, particularly in sectors like satellite technology and internet services [1] - The ChiNext Index in A-shares has surpassed 1.7%, indicating a significant upward trend in technology stocks [1] - In Hong Kong, the internet sector, including cloud computing, mobile payments, big data, and software services, has also seen notable gains, with the Hong Kong Stock Connect Internet ETF (159792) rising by 5.43% [1] Group 2 - Institutional analysis suggests that the rising enthusiasm for technology stocks in A-shares is positively influencing the Hong Kong technology market, indicating a potential marginal recovery [1] - The anticipated easing by the Federal Reserve and the economic recovery in mainland China are benefiting new consumption sectors and technology stocks with growth potential amid the AI wave [1] - The Hong Kong Stock Connect Internet ETF (159792) closely tracks the Hong Kong Stock Connect Internet Index, with its top ten constituent stocks including major players like Alibaba, Xiaomi, Tencent, and Meituan, which collectively account for nearly 60% of the ETF's weight [1]

每周投资策略 产品及投资方案部 ｜2026年1月12日 中信证券财富管理 (香港) CITIC Securities Wealth Management (HK) 投资策略 每周投资策略 上周环球 大类资产表现 本周主要地区 经济数据公布日程 (3) 石油市场焦点 委内瑞拉事件对油价的 短期影响有限 股票 美石油公司或率先受益；雪佛龙 (1) A股市场焦点 2025年出口有望增长5.3% 股票 人民币升值关注三条线索； 太阳纸业；中国中免 ETF 华夏沪深300指数ETF (2) 美国市场焦点 2026上半年经济增长或放缓 股票 AI叙事未到泡沫破灭阶段; 英伟达；亚马逊 ETF SPDR科技行业精选指数ETF 资料来源：中信证券财富管理 (香港) 1 上周环球 股市表现 全球股市开年积极向上 | | | | | | 环球主要股票市场表现 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 指数 | 收盘价* | 1周变动 | 1个月变动 | 3个月变动 | 1年变动 | 本年变动 ...

长城证券发布研报称，哔哩哔哩AI带动内容产量提升驱动平台用户数持续创新高，差异化流量基本盘 稳健；公司AI技术提升营销素材制作效率以及广告投放效果，平台AI视频的素材消耗占到60%以上，广 告智能投放消耗超过45%，分发效率整体效率提升了10%以上。此外，《三国：谋定天下》维持稳健表 现，关注公司新游进展。 智通财经APP获悉，哔哩哔哩-W(09626)尾盘涨近7%，截至发稿，涨6.62%，报238.2港元，成交额11.48 亿港元。 富瑞发布研报称，对于哔哩哔哩2025年第四季业绩预览，预期季内营收及非通用会计准则营业利润符合 该行预测，总营收年增约5%不变，达81亿元人民币，该行指，游戏方面，《逃离鸭科夫》取得成功， 游戏策略聚焦于垂直品类的领先地位、产品长线营运及年轻世代。根据该行的2026年展望报告，预测 AI将成为重点领域，而娱乐产业因其防御性质受到青睐。 ...

1月12日，港股午间收盘，恒生指数涨0.86%，恒生科技指数涨2.08%。科网股走强，快手、阿里巴巴涨 超5%，百度集团涨超4%，京东集团、腾讯控股涨超2%。 1月12日，港股午间收盘，恒生指数涨0.86%，恒生科技指数涨2.08%。科网股走强，快手、阿里巴巴涨 超5%，百度集团涨超4%，京东集团、腾讯控股涨超2%。 ...

港股市场汇聚了一批A股稀缺的科技巨头，既有具备算力资源、模型能力与应用场景协同优势的平台型互联网公司；又有具备模型或应用能力的AI生态企 业。 公开资料显示，港股互联网ETF（513770）及其联接基金（A类017125；C类017126）被动跟踪中证港股通互联网指数，权重股汇聚阿里巴巴-W、腾讯控 股、小米集团-W、快手-W、哔哩哔哩-W等港股AI巨头，前十大权重股占比超78%，龙头优势显著。 | 十大权庫 | | | | 更新日期: 2026-01-06 | | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 中证一级行业分类 | 中证二级行业分类 | 权重(%) | | 0700.HK | 腾讯控股 | 通信服务 | 侍媒 | 15.42 | | 9988.HK | 阿里巴巴-W | 可选消费 | 零售业 | 14.50 | | 1810.HK | 小米集团-W | 信息技术 | 电子 | 13.11 | | 3690.HK | 美國-W | 可选消费 | 消费者服务 | 12.03 | | 1024.HK | 快手-W | 通信服务 | 傅૬ | 4.24 ...

Group 1 - The core concept of GEO (Generative Engine Optimization) has gained significant attention, with nearly 20 stocks in the A-share market hitting the daily limit, including Yidian Tianxia, BlueFocus, and Zhongwen Online, while Hong Kong stocks like Alibaba-W, Kuaishou-W, and Baidu-SW also saw over 5% increases [1] - The Media ETF, which tracks the CSI Cultural Media Index, has a high overlap with GEO concept stocks, including companies involved in video, live streaming, gaming, and digital marketing, indicating a direct correlation with the GEO theme [2] - Analysts from multiple institutions, including China Galaxy Securities, predict that 2026 will be a significant year for AI applications, as the investment logic in the AI industry shifts from "computing power competition" to "application value" [1] Group 2 - The Heng Seng Internet ETF, listed on the Shanghai Stock Exchange, tracks the Heng Seng Internet Technology Index and includes leading internet application companies, suggesting that Hong Kong internet giants will gradually reveal their advantages in AI applications [2] - The shift in AI investment focus from large models and computing power to software applications is expected to accelerate the growth of AI applications, as noted by analysts [1] - The Media ETF has seen a price increase of over 8%, while the Heng Seng Internet ETF rose nearly 3%, reflecting positive market sentiment towards GEO-related investments [1][2]

| 分制 修日 · | F9 盘前盘后 酷加 九机 面线 工具 (2 )> | | | 11 57 1 +0.029 +5.36% | | | 港股互联网ETFO | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 513770CRIO GILLERS 0.571 | | | | | | | | 513770 | | | | M. Nº M | | SSE CNY | 14:24:28 交易中 查看L2全国 | | | | 1+0.00 / | | | 0.561 - Charles of The Pro- | | | 净值难费 | 本属中空酒的演豆联网ETF | | 近5日净波入 | | | 单位(万元) | | | | 1,85% | 蛋糕 | 30.57% 变胶 | 318941 | | | | | | | | | 藏五 | 0.574 | 28305 | | | | | | 0.541 | | 0.00% | 交叉 | 0.574 | 29894 | | | | | | | | | 200 | 0.572 | 66 ...

港股科网股午后持续走强，快手(01024.HK)涨近7%，美团(03690.HK)涨超6%，百度(09888.HK)、阿里 巴巴(09988.HK)涨超5%，网易-S(09999.HK)、腾讯控股(00700.HK)等跟涨。 本文源自：金融界AI电报 ...

Core Viewpoint - The Hong Kong Internet ETF (513720) surged by 4% on January 12, driven by three key factors that are expected to lead to a rebound in Hong Kong stocks in 2026 [1] Group 1: Factors Driving Market Rebound - A weaker US dollar is attracting international capital to increase allocations in Hong Kong [1] - The appreciation of the Renminbi is encouraging the repatriation of Chinese capital that has been held overseas [1] - A recovery in inflation and potential debt restructuring policies are expected to improve the fundamental outlook [1] Group 2: Sector Analysis - The Hang Seng Technology Index is anticipated to experience high odds of recovery due to stagnation in 2025, potentially benefiting from a "Davis Triple Play" in 2026, which includes valuation recovery, profit improvement, and liquidity support [1] - The Hong Kong technology sector, particularly those with high AI application ratios, is expected to benefit from the accelerated commercialization of AI in the medium to long term, with market elasticity likely to surpass that of computing infrastructure [1] - Current valuations of Hong Kong technology stocks are lower than those of A-shares, suggesting an upward potential under the mean reversion logic [1] Group 3: ETF and Index Overview - The Hong Kong Internet ETF (513720) tracks the Hong Kong Stock Connect Internet Index (931637), which selects 30 publicly listed companies involved in internet-related businesses from the Stock Connect range [1] - The index focuses on key sectors such as media and retail, with a balanced allocation across large, medium, and small-cap stocks [1] - It reflects the overall performance of the consumer internet sector, including core application scenarios such as social media, e-commerce, and gaming [1]

此前，香港交易所正式推出香港交易所科技100指数，并宣布已与易方达基金签订授权协议。 以上仅为对港交所科技100指数过往表现的客观展示，不代表指数及相关基金未来表现，不作为任何投 资收益保证或投资建议。指数编制方案后续可能进行调整。基金有风险，投资须谨慎。 截至2026年1月5日12:00，香港交易所科技100指数(HKEXT100)上涨2.05%，前十大权重股多数飘红，美 团-W涨7.31%，快手-W涨5.62%，阿里巴巴-W涨5.32%，腾讯控股涨2.29%，百济神州涨1.37%，小米集 团-W涨0.58%，药明生物涨0.54%，比亚迪股份涨0.48%，中芯国际跌0.07%，信达生物跌1.12%。 【风险提示】 该指数跟踪100家在香港交易所上市的市值最大的科技公司的表现，涵盖人工智能、生物科技及制药、 电动车及智能驾驶、资讯科技、互联网、机器人六大创新主题，突显了香港市场在推动新兴产业发展方 面的关键角色，同时指数成份股均符合南向交易资格，为投资者提供了有效且全面的投资工具，助力其 把握科技和新兴领域投资机遇。 ...